Vancouver, British Columbia – (October 14, 2020) – Viscount Mining Corp. (TSX-V: VML) (OTCQB: VLMGF) (“Viscount Mining”) is pleased to announce it has commenced the first phase of a three phase drill program at its Silver Cliff property in Colorado.
Viscount’s 2020 drill campaign has three objectives. They are to expand the previously defined Kate resource (the “KSR”). Also to further outline the South Kate high grade zone and to test new targets. Five of the planned holes are East, North and West of the resource defined by Dr. Gilles Arseneau in his 2018 NI 43-101 report. Four drill holes are to start to define the south Kate high grade zone. If this is successful, it will potentially improve the grade of the KSR
Many of the historic holes had been drilled for Tenneco Minerals at the KSR between 1987 and 1990, following which the company completed a feasibility study for open pit mining of silver and announced plans to construct a $35,000,000 milling operation at Silver Cliff. Shortly thereafter, the parent company, Tenneco was sold and the new owners decided to divest their mineral interests and the decision was reversed in 1991.
Viscounts 2016 and 2017 drill campaigns was to confirm historic drilling in the KSR. This was necessary, since the core and RC chips from the previous drilling had been lost, and only incomplete assay results are known. Based on the data collected by Viscount, and the selected historic drilling data, Dr. Gilles Arseneau estimated that the Kate deposit contained 2,064,000 tonnes of Indicated Mineral Resource averaging 84 g/t of silver for 5,560,000 ounces of silver and 3,172,000 tonnes of Inferred Mineral Resource averaging 70 g/t of silver for 7,143,900 ounces of silver.
Hole ID Length(m) Grade(gpt silver)
DDH-73-2 13.3 2,102.7
89-26 5.92 181.1
89-27 18.2 218.0
89-28 5 654.7
88-47 7.6 160.2
K16-01 6.1 1778.0
K16-03 9.15 233.0
In the above table all but K16-01 and K16-03 are from historic data. The Kate high grade zone is 82 meters in strike length, and open to the north east, and potentially to the north. The historical data in the summary table used a 2 opt cut-off grade and total depth of the holes are not known.
Two holes will test new targets. One of the holes in the Kate high grade zone will be drilled past the high grade to test the hypothesis that a second mineralized zone exists at depth. The other drill hole will test the Passiflora target. Historic drilling has showed significant silver and gold intercepts. An internal report from CoCa Mines in 1983, estimated a 40 million ton resource, but this is not NI 43 101 compliant. The historic data reported that 14 holes were drilled in the Passiflora area with the best silver grade being 256 gpt, and best gold 1.4 gpt.
Viscount will be continuing to drill with the objective of adding to the ACS resource estimate of the KSR/Kate deposit, as well as moving forward on the evaluation of resource potential of several other promising targets.
The scientific and technical information contained in this news release has been reviewed and approved by Harald Hoegberg PG, an independent consulting geologist who is a “Qualified Person” (QP) as such term is defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).
About Viscount Mining (TSX VENTURE: VML) (OTCQB: VLMGF)
Viscount Mining is a project generator and an exploration company with a portfolio of silver and gold properties in the Western United States, including Silver Cliff in Colorado and Cherry Creek in Nevada.
The Silver Cliff property in Colorado lies within the historic Hardscrabble Silver District in the Wet Mountain Valley, Custer County, south-central Colorado. It is located 44 miles WSW of Pueblo, Colorado, and has year-around access by paved road. The property consists of 2,319.48 hectares where high grade silver, gold and base metal production came from numerous mines during the period 1878 to the early 1900’s. The property underwent substantial exploration between 1967 and 1984.
The property is interpreted to encompass a portion of a large caldera and highly altered sequence of tertiary rhyolitic flows and fragmental units which offers potential to host deposits with both precious and base metals. This has been demonstrated in the mineralization historically extracted from the numerous underground and surface mining operations. Drilling in the 1980s by Tenneco resulted in a historical pre-feasibility study on which basis it was planned to bring the property to production. The plan was abandoned following a takeover by another company.
The Cherry Creek exploration property is in an area commonly known as the Cherry Creek Mining District, located approximately 50 miles north of the town of Ely, White Pine County, Nevada. Cherry Creek consists of 293 unpatented and patented claims as well as mill rights and is comprised of more than 2,442 hectares. Cherry Creek includes more than 20 past producing mines.
For additional information regarding the above noted property and other corporate information, please visit the Company’s website at www.viscountmining.com
ON BEHALF OF THE BOARD OF DIRECTORS
President, CEO and Director
For further information, please contact:
Viscount Investor Relations
This news release includes certain statements that may be deemed “forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to Viscount Mining’s operations, exploration and development plans, expansion plans, estimates, expectations, forecasts, objectives, predictions and projections of the future. Specifically, this news release contains forward looking statements with respect to the Offering, the receipt of required approvals, the timing of thereof and the amount and use of proceeds therefrom. Generally, forward-looking statements can be identified by the forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “projects”, “intends”, “anticipates”, or “does not anticipate”, or “believes”, or “variations of such words and phrases or state that certain actions, events or results “may”, “can”, “could”, “would”, “might”, or “will” be taken”, “occur” or “be achieved”. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Viscount Mining to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the exploration and development and operation of Viscount Mining’s projects, the actual results of current exploration, development activities, conclusions of economic evaluations, changes in project parameters as plans continue to be refined, future precious metals prices, as well as those factors discussed in the sections relating to risk factors of our business filed in Viscount Mining’s required securities filings on SEDAR. Although Viscount Mining has attempted to identify important factors that could cause results to differ materially from those contained in forward-looking statements, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended.
There can be no assurance that any forward-looking statements will prove accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Viscount Mining does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.
THE TSX VENTURE EXCHANGE INC. HAS NEITHER APPROVED NOR DISAPPROVED THE CONTENTS OF THIS PRESS RELEASE. NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.